Course Outline
Introduction to CRS and Global Tax Transparency
- The origin and objectives of CRS and Automatic Exchange of Information (AEOI)
- Identification of Reporting Financial Institutions and the scope of reportable accounts
- The relationship between CRS and FATCA, highlighting overlaps and distinct requirements
Legal & Regulatory Landscape
- Jurisdictional implementation models and associated legal instruments (e.g., MCAA, domestic laws)
- Recent consolidated texts and amendments affecting due diligence scope
- Compliance duties, deadlines, and consequences of non-adherence
Due Diligence Essentials: Determining Tax Residency
- Necessary documentation, including self-certifications and reliable supporting evidence
- Indicia search protocols for both new and existing accounts
- Broader due diligence approaches and leveraging AML/KYC data to verify tax residence
Operationalizing CRS: Onboarding, Data Collection, and Systems
- Incorporating CRS checks into client onboarding and periodic review cycles
- Essential data elements for reporting, with a focus on data quality and retention strategies
- Evaluating automation and vendor tools against manual processes, particularly for service providers
FATCA-like Requirements and Comparative Best Practices
- Shared aspects with FATCA, such as classification, reporting mechanics, and entity treatment
- Key differences to consider, including scope and the distinction between bilateral and multilateral implementations
- Practical mapping exercises to translate FATCA controls into CRS-compliant processes
Reporting, Exchange Mechanisms, and Audit Preparedness
- CRS report formats, transmission methods, and jurisdictional submission mandates
- Preparing for audits and regulatory reviews through proper documentation, traceability, and due diligence evidence
- Illustrative reporting workflows and reconciliation checks
Risk Management, Governance, and Internal Controls
- Building governance frameworks, policies, and segregation of duties for CRS compliance
- Training, quality assurance, and exception management for complex and entity accounts
- Remediation strategies and multi-jurisdiction coordination for legacy accounts
Practical Labs and Case Studies
- Lab: Assess and verify sample account files and self-certifications to determine reportability
- Lab: Set up a basic data-extraction and reporting checklist to generate a mock CRS XML extract
- Case study: Managing complex entity structures, trusts, and controlling persons under CRS rules
Conclusion and Future Steps
Requirements
- Fundamental understanding of financial services or compliance operations
- Knowledge of basic tax principles and client onboarding procedures
- Prior experience with AML/KYC processes is advantageous but not mandatory
Target Audience
- Compliance officers and legal department members
- Staff responsible for onboarding, KYC, and client due diligence
- Tax reporting and operations teams within financial institutions
Testimonials (3)
How to manage business financials
surprise mtileni - Hatima Holdings (Pty) ltd
Course - Learning Xero
Flexibility in the course delivery and the interactive approach. The trainer was open to questions, clarified doubts clearly and also considered participants suggestions during the sessions. The training was well structured and informative.
Soundarya Mohan - Mizuho Bank Europe N.V.
Course - Financial Analysis in Excel
Good communication, open for discussion, kept it interesting and engaging
